Playtech Finishes 2022 with Strong Numbers
Playtech is a leading platform, content and services provider in the online gambling industry. Its strong numbers at the end of 2022 were ahead of market expectations. It delivered record revenues and EBITDA.
Revenue was €1,601.8m, which was up 33% from the previous year. Progress occurred despite the backdrop of economic challenges and the war in the Ukraine. In 2022, great growth in regulated markets resulted in the delivery of total B2B revenue of €632.4 million. Significant progress was seen in executing its U.S. strategy.
Progress in North America
Playtech has made great progress in North America. Its partnership with Parx Casino and Racing, which owns Parx Casino in Pennsylvania, is proving very fruitful.
Playtech first announced a partnership between betPARX and Playtech in 2021 to launch Play Gun Lake in Michigan. Then, in 2022, it partnered with betPARX in launching the app in Pennsylvania and New Jersey.
The betPARX app is powered by Playtech’s IMS platform. Players can play multiple Playtech titles on the app, including games developed by the supplier’s studios and third-party games. They can also do sports betting on the app.
Playtech’s IMS platform
Playtech’s IMS platform supports most of the world’s largest gaming operators. The award-winning player management platform allows them full control of the player lifecycle from one centralized point for all operational needs.
It’s a complete backend solution that operates across multiple products. It is likely to be seen in more U.S. states in the future as the backend in various online casinos. Parx will continue to grow the partnership with betPARX in other U.S. markets.
The industry-leading software provides a high-quality experience which is exactly what the sophisticated U.S. consumer market requires.
B2B and B2C performance
In 2022, Playtech completed the sale of its financial trading division Finalto to Gopher Investments. This sale was part of the simplification strategy and its focus on B2B and B2C gambling. It is currently the most successful B2B supplier of iGaming outside of the U.S.
Playtech’s B2B performance was powered by Europe and the Americas. Its B2C performance was underpinned by Snaitech’s strength in the Italian retail and online market, where it maintained its number one position in 2022.
Ahead of a B2B investor event, Playtech announced an adjusted EBITDA B2B medium-term target of €200 – 250 million.
Progress in 2023
Playtech has seen a good start to 2023 despite broad macroeconomic and geopolitical uncertainty. At the start of the year, it signed a landmark transaction with Hard Rock Digital.
The increasing growth of online gambling is contributing to the growth of the US economy. The transaction with Hard Rock will accelerate Playtech’s U.S. strategy and provide more growth opportunities internationally. As Playtech continues to diversify its portfolio, its success is increasing.